By Dave Sims, Commodity News Service Canada
WINNIPEG, November 20 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CST on Monday. The market was being pressured by India’s announcement over the weekend that it planned to raise tariffs on imports of vegetable oil.
Losses in the U.S. soy complex and Malaysian palm oil futures also dragged on prices.
Soil moisture conditions in northern Brazil have improved significantly due to recent rains, which was bearish.
Chart-based selling was a feature of the morning’s activity.
However, the front-month January contract seemed to be receiving some technical support at the C$515 per tonne mark.
Traders will likely begin to position themselves soon in the lead-up to Thanksgiving on Thursday.
About 5,000 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
